What is the commission percentage charged for the buyer's premium on personal property?

The buyer's premium is a percentage added to the final bid price that the buyer pays for personal property at auction. This percentage is standard practice in the auction industry and serves to compensate the auctioneer for conducting the sale. The typical commission percentage charged as a buyer's premium for personal property in Mississippi is 5%. This is a commonly accepted rate and aligns with industry norms, making it a reasonable expectation for buyers at auction events.

In the context of personal property auctions, understanding the buyer's premium is essential for buyers to accurately gauge the total cost of their acquisition. This knowledge can also influence bidding strategies, as the final cost will be the sum of the bid amount plus the buyer's premium.